Financial sanctions legislation applicable in the UK requires that all funds or economic resources belonging to, owned, held or controlled by a designated person must be frozen. ‘Designated persons’ are individuals or entities which are subject to financial sanctions.
Every year the Treasury carries out a review to update their records to reflect any changes to these assets during the reporting period. As part of this review, the Treasury requires all persons that hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person, to provide a report with the details of these assets.
If you possess this information you are requested to complete such a report and submit it to the Office of Financial Sanctions Implementation (OFSI) by Friday 13 October 2017.
Click here for further information on the Frozen Assets Review.
Click here for OFSI guidance on financial sanctions and the monetary penalties that they can impose for breaching the sanctions regulations.